The Central Bank of Nigeria, CBN, has increased the monetary policy rate to 27.5% because of the surging inflation in the country. GNtv Reporters learnt that the previous rate was 27.25%.
This was announced by the CBN governor, Olayemi Cardoso, during the MPC Meeting in Abuja on Tuesday, November 26, 2024, at the apex bank’s headquarters.
“The Committee was unanimous in its agreement to raise the monetary policy rate by 25 basis points to 27.50 percent.
“The considerations of the meeting were held on the backdrop of renewed inflationary pressures as the headline food and core measures rose year on year in October 2024.
“Members therefore agreed unanimously to remain focused on addressing price developments”, he said.
This is the sixth time the Central Bank of Nigeria (CBN)is increasing interest rate since February 2024.
In September, the bank pushed the rate to 27.25% following a drop in the country’s inflation level in August 2024.